Raymond B. answered 11/29/22
Math, microeconomics or criminal justice
General formula is
A=P(1+r/n)^nt
where n= number of compounding periods per year = 6 if it's compounded every 2 months.
t = number of years = 4
r = rate of interest = 11% = .11
P = beginning amount at time t=0
A = ending amount, at the end of 4 years
A=P(1+.11/6)^6(4)
A =P (1.018333...)^24
total number of compounding periods in one year = 6
total number over 4 years = tn = 4x6 = 24
doubling time is when the investment doubles in amount
2 = (1.018333...)^6t, solve for t
or use that formula to find how much is left, what A is, when you know what P is.